London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Hi Surfit.
I´m not saying we are fully funded until onshore production.
On the contrary, we are funded only to drill the 2 upcoming exploration wells (see my post here on cash balance and financial runway on March 1st).
What I´m saying (read my last post again, please) is that funding the development is not an issue for the time being. Before start thinking about that, we need to prove the resource, including volume, quality of gas, and economic viability.
This is the way oil & gas exploration companies normally operate.
Regards
Hello Fernan: I was actually concerned how we were going to fund the offshore development directly after I came in post Stena Don drilling campaign.
If you and BDC belive we are fully funded to production of onshore gas, then fair enough.
I am not.
It may be that we secure addtional financing, figures crossed, if not its another share placing and further dilution.
Time will tell, I hope your right.
All the best Sft
Surfit:
you seem extremely worried because CHAR didn't provide any assurances in relation to how they plan to fund the eventual development of the upcoming onshore prospects.
I think it's absolutely impossible for CHAR's management to provide these reassurances for the time being.
First, they need to prove the resource. They need to know that what they have discovered is valuable, something that it's worth being developed.
Then, and only then, they will look for funding and development options (bank debt, farm out partnet, etc).
When CHAR drilled the Anchois 2 exploration well back in January 2022, they have no idea how they were to fund the eventual development. That lack of clarity didn't prevent the share price to go substantially up on news of the gas discovery.
Regards
As I'm fortunate enough to be in the ABC camp, I'm not interested in encouraging other investors to do more research or rather, I'm not interested in doing their research for them. I think investors will turn up post-drilling results and pump the price anyway, hopefully after Loukos, but might have to wait until post-AE. I don't really care either way as this morning I was able to buy another decent amount at 7.41p and I'm closing in on an average of 11p. Just a couple more top ups and I'll be there. Ultimately, I'm then just happy to wait for Anchois to unfold, as that's the real jewel in Chariot's crown.
Regarding Loukos, in the latest presentations Chariot have been indicating that they're most likely to CNG the gas from the first few Loukos wells, which would be the cheapest & quickest way to get the anticipated 10 mmscf/d to market. When asked about the $3 million per well cost and whether this was total cost per exploration well or per developed well, Duncan replied it's for both. In which case, they must be going straight in with production-grade casings.
Not aimed at you LW.
IMO the seller will be cleared this week, a lot of talk on other chariot SM sites re this.
Chariot are currently fully funded for the first 2 Loukos wells , as per reiteration from Celicourt.
I wasn't baiting The Bold, I was genuinely wanting to know how/why you say the selling will stop this week. That is a very relevant question for those us considering adding more but being hesitant to do so because there's a large seller on the loose here.
I also thought that Chariot was fully funded for this drill. I might have read it but have a hazy recollection of hearing it from JMW in a webcast. Either that or the recent one that AP did, because those are the only two videos I have watched since re-entering here.
There does seem to be some support/buying at this level, so let's hope it's the pre RNS bottom. All imo
Well an investor would not be invested if they thought there was likelihood of projects they had invested in were not going to come to fruition.
So BDC point C , fully reasonable for INVESTORS.
False, baiting, flaming and inaccurate posts taken down.
Discuss the company and not posters Kingbilly .
@BDC
Shouldn't C) be: Can afford to wait and see if these Moroccan gas assets progress through to production?
Hello TheBold, Good points (Jimmy has also thought similary).
Such is YET to be determined of course and maybe that's why we (imo) have NOT had the FINANCE conformation/assurances I.e. Such financing MAY well ALL be being currently negotiated in ANTICIPATION of a successful drilling campaing ??? Figures crossed, and would be the best way forward when underfunded and after so many share placings and dilutions?
Hey BDC: Okay, it must be difficult to find? Or not readily available? but such a link placed on the bb would surely encourage other investors???
GLA
Rgds Sft
A) You haven't put you & your families entire life saving into Char
B) Have regular spare income coming in
&
C) Can afford to wait for these Moroccan gas assets to progress through to production
The current share price is a gift.
imo.
Think you will find VIVO energy will be playing a big part of forward capex for onshore gas, who’s to say we will not be selling direct from the production manifold, especially,if it’s CNG as mooted.
Chariot signed a partnership with one of the top 2 Moroccan gas suppliers into industry …ie VIVO…
On commercial viability and signed GSAs , capex costs can also be easily provided as debt against future gas sale revenues…
Loukos is currently 75% owned by chariot, so there is maximum flexibility I would have thought.
The information is there if you care to look for it. Don't wish to sound rude, but I'm not here to do other people's research for them.
Hello BDC,
Re "Or you could just read the most recent RNS's and listen to the most recent investors call ¯\_(ツ)_/¯"
I have had ANOTHER scan back and only found the two RNS below RNS relevant
29th Jan 2024 7:00 am RNS Operational Update
No fiscal assurance regarding fully funded to production for onshore
10th Jul 2023 4:32 pm RNS Proposed Placing, Subscriptions and open offer
1 For near term onshore drilling and development planning on a new onshore Moroccan Licence, expected to be awarded imminently; and
2 New ventures and working capital (🤔)
I may well have missed a conformation of fully funded to onshore production, If so I apologise. If you could post which RNS gives us the assurance conformation. It would be appreciated.
I would love to belive the investor calls, I do remember a bb poster found (sorry to whom it was) and posted good evaluation stating they they need $28million.
It was the only price placement on the onshore programme, I have seen. I should have kept the link!
A repost of that artical would be good as I have not been able to find information from CHAR on ALL costs.
Again BDC a link to the RNS would be greatly appreciated.
All the best Sft
IMO, Should be all completed or as near as hopefully with only 3 and a bit weeks remaining in Q1.
Exciting times ahead for sure, Loukos spud, Offshore news re ENOG imminent, first tranche of cash incoming , offshore drill unit advised, project Nour being run through at highest level with Mauritanian govt by close of Q1, hopefully Total Energies will show more of the cards.
IMO , once the large distressed seller is cleared , it’s up we go with a barrage of news flow accompanying ..
lots of chatter now happening, with all above being discussed across numerous domains ..
Time to get the show moving.
Billy, I believe u got found out and kicked out of most other chariot sites but still hang on here, so granted you may not be keeling up to date with the general chat on numerous other chariot social media sites.. lots of chatter on multiple sites.
Thebold I am not trying to "pathetically bait or flame" anyone, I was merely asking how it could be possible that an individual could have access to such knowledge, if it was not them who was selling, their confidence in said statement was such that they felt the need to post it twice is quick succession 🤷♂️
There's no need to get all touchy and start with the personal insults.
Your pathetic attempts to bait and flame , well taken onboard , as usual.
There are numerous mentions of a large distressed seller on numerous social media platforms from numerous posters.
I believe = it is my view, …. You get it ? Or perhaps just to difficult for u.
'If the BoD's would issue a statement of assurance it would disprove my doubts'
Or you could just read the most recent RNS's and listen to the most recent investors call ¯\_(ツ)_/¯
Thebold says "Large distressed seller, should be cleared this week hopefully."
Surely the question has to be, how does he know?
Unless it is him who is selling of course, otherwise can it be anything other than -
A) Insider knowledge
B )💩
C) An attempt to lure in unsuspecting investors with fake news 🤷♂️
I can understand how you can surmise it's a large seller, but how can you be so specific and say they will be done this week, when they have been selling since December?
Large distressed seller, should be cleared this week hopefully.
I'm open to the possibility of a forward sold placing, or a large seller(s). I know there hasn't been a TR1, but I don't know how reliable that process is, and whether they are required at the point of crossing thresholds, or only once a seller is done? If it is a forward sold placing, then it would be usual to announce it before you commence your operational activities.
Hi Fernan, I did and thought it a good post, and appreciated. Potentially good figures.
If the BoD's would issue a statement of assurance it would disprove the markets (and my) doubts AND afirm your calculationgs. Not too difficult an action (imo) to implement with significant results.
I do not belive this an inappropriate request, considering the current status??
Whimax, your previous thoughts regarding the required % sell off, may not be totally unfounded but the figure (I belive ) equated to just under 3% (pre 3% add at last fund raise) of Covalis 6 % correct?
I firmly belive the BoDs should address the issue and a statement of fiscal assurance would go along way, it would of course not fully derisk the onshore drilling or the offshore drilling flow test concerns.
All IMHO, DYOR.
Rgds Sft
Surfit,
Chario